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3.
"Blowing It" at the last minute or "Sucking" when it counts the most.

Derived from the 2013 Super Bowl where the San Francisco 49ers had three opportunities to score the winning touchdown at the five yard line at the end of the game and decided to pass, ruining their one sure shot at the title.

The definition also suggests it can be a term for last minute oral sex.
Person 1: "How did the game go?"
Person 2: "We would have won but the qb decided to 49 it!"

Alternate definition

Person 1: "Where is Jim?"
Person 2: "He is probably 49ing before work."
by Cm24 February 04, 2013
 
1.
Named after the California Gold rush. When all the people ran west to California to prospect for golden"nuggets"

Sexually using your dick like a shovel to mine out someones anus looking for "nuggets". Then taking these nuggets and using you hand and water pan the nuggets out to prospect for leftover corn bits.
Hey Brad you wanna come over and help sherman 49ing he just ate some corn last night should be full of good corn.
by Mr.Thinmints! December 29, 2011
 
2.
When sexual partners engaged in the 69 position are able to adjust their head just right so they are able to still see their favorite sports team on TV AND suck their partners genitals.
I'm ok with you 49ing during sex today dear, I know you want to watch San Francisco beat the Baltimore Ravens.
by rcubed May 16, 2014
 
4.
1) The practice of prospecting for gold in rivers - derived from the year of the American gold rush. 49er is the name of someone who searches for gold.
2) American Indian form of protest by singing, dancing and beating of drums. Derivation unknown.
1) With the recent resssion and the increasing price of gold, 49ing is becoming more common.
2) 49ing is the passive but vocal response of choice by American Indian groups.
by Riptonk July 21, 2010